Public Storage to Buy National Storage Affiliates in Deal Valued at $10.5B

Self-storage facilities operator Public Storage is buying National Storage Affiliates (NSA), a prominent self-storage property owner, in an all-stock deal valued at $10.5 billion, the company announced Monday. 

As part of the major deal, Public Storage will acquire more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico, according to the announcement. Together, the two companies will have a combined enterprise value of $77 billion. 

The deal, which was unanimously approved by the boards of both companies, is expected to close in the third quarter of this year. Once that happens, the partners will form a separate joint venture consisting of 313 properties on NSA’s operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico, with an estimated value of approximately $3.3 billion. 

“This transaction will enable us to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence, and enhance our long-term per-share growth profile,” Tom Boyle, incoming CEO of Public Storage, said in a statement.

Boyle said the combined companies will use Public Storage’s PS Next operating platform, which emphasizes customer data, digital tools and AI-led pricing.

“By applying our PS Next operating model to NSA’s portfolio, we see meaningful opportunity to enhance the customer experience, drive financial upside, and create significant value for shareholders over the near and long term as our industry emerges from the bottom of the self-storage operating cycle,” Boyle said.

As part of the deal, NSA’s shareholders and operating partnership unit owners will receive a portion of Public Storage common stock — equivalent to 14 cents per share — for every share of NSA stock or unit they own. This represents a total consideration of $41.68 per share, based on Public Storage’s closing share price on March 13, 2026. 

Public Storage said it has also secured $4 billion in financing from Goldman Sachs and Wells Fargo, made up of a $2 billion corporate bridge loan and a $2 billion joint venture off balance sheet bridge loan. 

Public Storage’s acquisition of NSA is valued at $5.63 billion, not including debt, according to the Wall Street Journal, which first reported the news.

Following the news of the deal Monday morning, shares of NSA rose 27 percent in pre-market trading to $39.37, while shares of Public Storage declined 3 percent to $286, the WSJ reported.

Public Storage also recently announced its PS4.0 strategic vision plan, which is meant to capitalize on meaningful growth opportunities for the company. This acquisition is the first milestone to happen under that initiative. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.